Finally some good news. Utah Considers Return to Gold, Silver Coins

But there isn't enough gold in the world to back the U.S. currency. Even if we fixed the gold price at maybe $10,000 an ounce there are problems. As the world's free markets change the value of gold elsewhere there would be a problem with short term price gyrations in goods as world gold valuation fluctuates.

Going back to the gold standard isn't the solution and isn't going to happen anyway. NEXT.
 
Quote from Butterball:

The good thing is that all those who believe gold and other precious metals will help them preserve their wealth in the future can simply hedge their entire net worth accordingly. Those who believe otherwise don't.

No need for going back to the gold standard as long as we have free-floating precious metal prices. Everybody can make their own choice rather than relying on the government establishing a one-size-fits-all gold standard sans fixed gold price regime.
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For now you are correct, but what if they make owning of gold illegal? Don't think for a second they won't try to do this if gold really starts climbing.
 
Quote from Askmega:

I can't stand FED boot kissers

Show me money redeemable in gold and silver and I'll show you stable financial system. Money that your masters at the FED can't inflate away. And that isn't enough, everyone at the FED and anyone associated with FED should be hanged and jailed.
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stable financial system? knowledge of history must be lost in schools. when we were on a gold standard there were many boom and bust periods. more than now.
 
It is a nice message to send, but I don't see the practical effect of the Utah law. The problem is that any asset you have will be gradually confiscated by capital gains tax under an inflating currency. In the end, the people will still lose their savings and the banks/Fed will still be there creating money to lend to you at interest. (Since you don't have any savings - get it)?
Now if Utah stood up and said we refuse to assist in the collection of National capital gains tax on this gold "currency" THAT would be something.
 
Quote from Rearden Metal:

The Federal Reserve has already destroyed 94% of the value of the dollar since they got their hands on it. You can be sure they are now gunning for the remaining 6%.
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Please explain how they destroyed ?

I can buy anything I want with the dollar ? You just need more of them for same/ better products that all :eek:


How do you think things should look ? Where should the dollar be, what would it be like in America? I always read people say this or that against the dollar, well how should it be ? Should 100 dollar buy you a car ? And what should e minimum wage in that case ?
 
Quote from Askmega:

Show me money redeemable in gold and silver and I'll show you stable financial system. Money that your masters at the FED can't inflate away. And that isn't enough, everyone at the FED and anyone associated with FED should be hanged and jailed.
More...
I didn't see this marvellous passage, 'cause it looks like you added it later.

I just have one question. "Hanged and jailed", what does that mean? Hanged first, then jailed? Or jailed first, hanged later? Or some hanged and some jailed? Or do you mean "hanged while imprisoned"? Also, I guess this all better happen in New Hampshire or Washington, 'cause it might be difficult otherwise?
 
Quote from Martinghoul:

I didn't see this marvellous passage, 'cause it looks like you added it later.

I just have one question. "Hanged and jailed", what does that mean? Hanged first, then jailed? Or jailed first, hanged later? Or some hanged and some jailed? Or do you mean "hanged while imprisoned"? Also, I guess this all better happen in New Hampshire or Washington, 'cause it might be difficult otherwise?
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Difference between you and me is that you will wait for US to break down and civil war to start due actions of the FED

You will then say how you knew it all along

You'll foam at the mouth and go along with the crowd. No one will know you were FED lollipop because no one knows your real name here.

Me on the other hand, I am telling you right now you are stupid. I am not waiting for masses to play catch up. I am telling you now what will happen.
 
Its true dumped 5k worth of silver... you consume services all day gold silver good for sale of hard assets not for use of technology or buying hot dog etc


Quote from pspr:

But there isn't enough gold in the world to back the U.S. currency. Even if we fixed the gold price at maybe $10,000 an ounce there are problems. As the world's free markets change the value of gold elsewhere there would be a problem with short term price gyrations in goods as world gold valuation fluctuates.

Going back to the gold standard isn't the solution and isn't going to happen anyway. NEXT.
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Quote from Martinghoul:

I don't get it... Aren't all gold and silver coins issued by the Federal govt legal tender already, regardless of what the state of Utah lawmakers decide?

Seems like a rather idiotic thing to do, just for the sake of "sending a message".
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The face value on those federal issued coins is a joke. One ounce silver eagles have a face value of $1 but actually trade at $35. One ounce gold eagles have a face value of $50 but actually trade north of $1400. So the real issue is this: Will those gold and silver silver coins be valued at the silly face value or at the actual bullion value? Obviously, if the former, nobody would ever use them in exchange.

From Article I, section 10 of the United States Constitution:

"No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts"

That is easily the most ignored clause in the entire document.
 
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